Automated Teller Machines (ATMs) have become an essential part of people’s lives. Using ATMs saves a lot of time since people won’t have to go to the bank directly for a cash withdrawal. ATMs are positioned on all the hotspots and other public places. All this allows clients to get to their cash in seconds while it also allows the banks to earn more money since most of the ATM services aren’t for free, especially if you use an ATM that’s not in your bank’s possession.
However, it’s of the utmost importance for banks to know how to improve the overall efficiency of ATM services to lower costs so clients remain happy. One way of doing this is to invest in specialized software like what’s offered at https://www.perativ.com/ to help reduce cash distribution costs.
Technical difficulties, such as emptied ATMs, the network connection instability, or when the machine swallows the user’s card are something that tends to happen. Therefore, it’s of essential importance that banks learn how to be one step ahead of such hiccups.
Implementing these ideas will make your ATMs run smoothly:
1. Identify the Time and Day/Dates of the Highest Number of Transactions
By performing this task, banks will have insight into when the ATMs are used the most and when they aren’t used as much. The data collected allows them to plan the replenishment of cash in the ATM and set up the time for maintenance and system updates.
Additionally, this data allows banks to see if there’s the need to install more ATMs in some areas as well as to see if others should be removed if they’re not used at all. Any kind of data is valuable for various reasons, and the machine learning software that has been installed in most systems helps banks gather the data of all sorts. That way, they can plan, perform, and react accordingly.
In case your company owns and distributes ATMs, you must invest in the latest ATM operating systems. In case you can’t afford such an investment, request an investment loan so you can follow up on your competitors.
2. Perform Regular Updates and Maintenance During Off Hours
It’s crucial to perform regular maintenance and updates at the time of the day when the ATMs are not frequently used. The perfect time is usually during the night when the streets aren’t crowded as they tend to be during the day. However, some cities in the world are filled with tourists throughout the night as well.
Predicting the perfect timing to perform updates and maintenance may be difficult, that’s why machine learning AI (Artificial Intelligence) is an excellent assistant.
By calculating the lowest peak time, the AI will know the perfect time to perform these tasks. Machine learning keeps track of when and how frequently each ATM is used. Therefore, it’s not hard for system administrators to find the perfect time to send the maintenance crew.
Additionally, performing important ATM system updates against malware and performance boosts should also be done at the lowest peak.
3. Discover the Group of ATMs With the Most Customer-Related Failed Interactions
Many people around the world have experienced a failed interaction with an ATM. Some of these cases include the machine being empty, the machine swallowed their credit/debit card, or the network connection with the bank was not working correctly. All of these cause the inability to use the ATM.
By knowing which ATMs are having these issues the most, it’s possible for ATM tech crews to primarily focus on fixing the problems within this group of ATMs, instead of randomly visiting one by one. After all, customers’ satisfaction is everyone’s number one priority, which is why banks should attend the most problematic ATMs first.
4. Refill ATMs Before The Peak Time of The Day
The logical thing that every company or bank owning ATMs must consider is the refilling of ATMs with money before the calculated peak time of the day. That way, clients will always be able to withdraw the cash without looking for another ATM in the area, which can be very frustrating.
With all the new technologies available, it’s not hard to estimate which ATMs are used the most, as well as their peak times. An AI helps discover the needed information so that banks or companies that own ATMs can act according to the collected data.
Final Thoughts
The fast-paced living in the 21st century requires everything to work smoothly so people won’t lose time on the insignificant thing. Improving the overall efficiency of ATMs is one of those things, and it can be achieved by using the collected data.
The data allows banks to know which ATMs aren’t functioning correctly and which ones are used the most. Also, banks will have information about which ATMs are about to be completely emptied. That way, banks can organize everything according to the report they have.
